It is likely the allocation will be boosted to $50 million by next June, he said.
The fund, which previously managed international equities in-house, made the move because it believed an ``external manager will do better,'' said Mr. Hunter.
Separately, the fund increased its venture capital allocation, giving an additional $20 million to UBS Brinson to divide evenly between domestic and international investments, Mr. Hunter said. This is the fund's first investment in international venture capital. Brinson now manages $92.6 million for the Montana Board. Both moves will come from cash, Mr. Hunter said.